Hindustan Copper, a state-owned company, is taking the necessary steps to enhance output from its mines and is in the midst of expanding its mining capacity through expansion projects. The firm planned to increase mine production capacity from 3.4 million tonnes per year (MTPA) to 12.2 MTPA in 2010-11. This was then amended to 20.2 MTPA in order to increase domestic copper metal output and minimise reliance on imports.
The expansion plan will be completed in stages, with the first phase aiming for a capacity of up to 12.2 MTPA. In the second phase, it would be expanded up to 20.2 MTPA.
“The business is taking the necessary steps to increase mine output and is also in the midst of expanding mining capacity through current mine expansion projects. The contractor has completed the infrastructure and development work for the contract given to take ore output from the underground mine at Malanjkhand Copper Project (MCP) via the decline route “In its annual report for 2020-21, Hindustan Copper stated.
“The MCP underground extension project has reached a significant milestone with the completion of the excavation of a 1500 m long drive and the connecting of tunnel ends from the north and south parts of the mine…,” it stated.
The up to 10% stake sale in Hindustan Copper, led by Hindustan Copper CMD Arun Kumar Shukla, got off to a solid start on Thursday, with institutional investors putting in bids worth over Rs 700 crore.
According to NSE statistics, institutional investors bid for more than 6.14 crore shares, or 1.41 times the offered size, compared to the over 4.35 crore shares on offer.
The company’s turnover in FY 2020-21 was Rs 1,760.84 crore, up from Rs 803.17 crore in FY 2019-20, representing a 119 percent growth.